EV Startup 'Ampere' experiences 46% decline in Revenue-FY24
Greaves Electric Mobility owns the Ampere brand, which specializes in producing three-wheeled vehicles and electric scooters. Sales of scooters, which accounted for 70.5% of the business's overall operating income in FY24, fell 59% to 
432 crore. Three-wheeler sales, on the other hand, increased 2.5X in the most recent fiscal year, hitting 178 crore.
432 crore. Three-wheeler sales, on the other hand, increased 2.5X in the most recent fiscal year, hitting 178 crore.
Ampere increased total revenue to 641 crore in FY24 from 1,159 crore in FY23 by adding 2 crore from scrap sales and 29 crore from non-operating operations.
641 crore in FY24 from 1,159 crore in FY23 by adding 2 crore from scrap sales and 29 crore from non-operating operations.
The cost of purchasing materials accounted for 61% of the total expenses for the EV manufacturer. In FY24, this cost dropped by 40% to 526 crore due to scale. Ampere enhanced employee perks by 48.5% to 101 crore in FY24 as a result of hiring additional staff.
526 crore due to scale. Ampere enhanced employee perks by 48.5% to 101 crore in FY24 as a result of hiring additional staff.
Its overhead costs, including contracting, warranty, legal, and advertising, reduced the overall cost from Rs 1,172 crore in FY23 to Rs 857 crore in FY24. Visit TheKredible for a thorough cost breakdown.
Ampere's losses increased by over 11 times, from Rs 20 crore in FY23 to Rs 215 crore in FY24, as a result of its declining scale and growing employee benefit expenditures. Its EBITDA and ROCE margins fell precipitously to -27.46% and -45.4%, respectively.
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